The Position Of Minor Admitted To The Benefits Of A Partnership Firm Under The Indian Partnership Act
- IJLLR Journal
- 7 days ago
- 2 min read
Prapti Rajeev, B.A. LL.B., Christ Academy Institute of Law, Hullahalli, Begur-Koppa Road, Bengaluru
ABSTRACT
A minor is admitted to the benefits of the partnership firms and receives and has the rights of his share in the profit-making of the company. A Partnership under partnership law is a pact to share profit arising out of a business and the Indian Partnership Act is the exhaustive legislation regulating such partnerships. This article will mainly be about the status of a minor under the law of partnership, its obligations and rights and how this status can be confirmed once it reaches the majority thus being a complete partner, and how subsequently the status in relation to the rights and duties changes. It will also contrast the idea of beneficial contracts with that of minor partners where in beneficial contracts a guardian can sign the contract while in a partnership it is the minor who can himself sign. Also, under contract law, a minor cannot confirm a contract upon reaching majority made during minority since it's similar to enforcing a void contract hence will attempt and compare the Contract and Partnership law regarding the stand both provide for the minors and how different they are but adhering to the fundamentals as established in the contract act. This article will also examine the position of a minor in a partnership firm through the several case laws and judgments rendered in the past in this very conflicting branch of law. To this end, the research paper will employ the approach of doctrinal study and various judgments to support the critical examination of the position of a minor in a partnership.
Keywords: Profit-making, obligations, majority, guardian, rights, duties, conflicting
